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IHCL-GIC’s Rs 4,000 cr stressed assets fund to make its first buy soon

Thursday, 28 Oct 2021
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The Indian Hotels Company (IHCL) and the Singapore sovereign wealth fund GIC will soon activate the Rs 4,000 crore platform set up in 2019 to acquire stressed assets in the hospitality space.

The fund has been lying dormant since it was launched two years back because of the COVID-19 pandemic.

The Finance Ministry had included the hospitality industry under the Emergency Credit Line Guarantee Scheme (ECLGS) 3.0. It had given an extension for the said scheme till 30 June 2021.

The scheme was floated to help the distressed sectors get a fully protected credit line. On the other hand, there were moratoriums on acknowledging non-performing-assets, loans and defaults.

IHCL has a portfolio of 225 hotels, including 55 under development globally across four continents, 12 countries and in over 100 locations.
 
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